Abu Dhabi – Mubasher: Abu Dhabi Future Energy Company (Masdar( reached the financial close of the 154 megawatt (MW) Čibuk 2 wind farm in Serbia, according to a press release.
The agreement was signed at a special ceremony on the sidelines of RES Serbia 2024 in the presence of Serbia’s Minister of Mining and Energy, Dubravka Djedović Handanović, Masdar’s CEO, Mohamed Jameel Al Ramahi, and Taaleri’s Group CEO, Peter Ramsay.
Non-recourse project financing for Čibuk 2 has been secured via commercial lenders, UniCredit and Erste, who are extending a EUR 144 million debt facility.
Meanwhile, the construction process has already begun and the project is expected to be operational by the first quarter (Q1) of 2026.
Čibuk 2 will produce enough renewable energy to power around 62,000 households and displace 311,200 tonnes of carbon dioxide annually.
The CEO of Masdar, Mohamed Jameel Al Ramahi, said: “Masdar plans to increase its investments in the region and we look forward to further strong support from the investment community.”
Nikola Stamenković, a Member of Erste Bank Serbia’s Executive Board, added: “Erste is providing 50% of the total loan for the Čibuk 2 wind farm project, with Erste Bank Serbia locally financing approximately EUR 45 million, and Erste Group covering the rest. This marks the largest single green financing Erste Bank Serbia has provided to date.”
It is worth highlighting that Serbia has set a target of 41% renewable energy capacity by 2030 and Masdar joined forces with the Serbian government and local partners to back the nation’s clean energy ambitions.
Masdar recently announced plans to acquire Saeta Yield from Brookfield Renewable at a value of $1.40 billion
